Synthetic Fibers Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type and, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

Synthetic Fibers Market Analysis :

Synthetic fiber is a man-made fiber that is produced by the process of chemical polymerization. Synthetic fibers produced by this method will be lightweight. These fibers are cost-effective as compared to their natural counterparts, and are more stain and water-resistant in comparison with natural fibers, including cotton or silk. Synthetic fibers are utilized in various commercial, outdoor, indoor, and business applications. Some of the common synthetic fibers consist of nylon, acrylic, polyester, and carbon fiber. Rayon and spandex are distinctive synthetic fibers. Owing to technological advances in manufacturing techniques and advanced physical, chemical, and mechanical characteristics, they play a crucial role in key end-user industries, including healthcare, aerospace, food packaging, water purification, electronics, automobile, and air filters.COVID-19 impact analysis

The novel coronavirus has affected the growth of textile and automobiles industry. The worldwide lockdown has created disruptions in supply chain. This has led to shortage in raw materials of both textile and automobiles industries. The government has imposed travel restrictions, which is anticipated to further reduce the demand for automobiles. Similarly, lack of manpower in the power plants further reduce the demand for synthetic fibers. These factors are responsible for the decline in growth of the global synthetic fibers market during the forecast period.

Market scenario analysis

Surge in consumer interest toward home furnishing is predicted to enhance the market growth during the forecast period. Furthermore, exponential growth of the population and rapid urbanization are the key factors contributing toward the growth of the global synthetic fibers market. furthermore, the development of the real estate sector is anticipated to reinforce the home furniture sector. High presence of retail shops supplying home furnishing material is predicted to propel the market growth. The automobile application segment is projected to witness significant growth throughout, due to rise in application of synthetic fibers in automobile indoors coupled with expansion of the automobile sector. Furthermore, rise in industrialization, changes in consumer pattern for textiles, and surge in disposable income are projected to boost the global synthetic fiber market. Environmental issues, including non-biodegradability of synthetic fibers are expected to pose substantial challenge to manufacturers across the globe. Moreover, low melting and burning points in contrast to the natural fibers are predicted to restrain the market growth.

Regional insights

Geographically, the global synthetic fibers market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.. Asia-Pacific is anticipated to account a major share of the market, and is anticipated to continue its dominance throughout the forecast period. The elevated demand can be attributed to increase in number application of synthetic fibers in clothing, domestic furnishing, automobile, and filtration. Furthermore, expansion of the automobile, textile, and domestic furnishing sectors is anticipated to boost the market growth in North America during the forecast period.

Key benefits of the report

• This study presents the analytical depiction of the global synthetic fibers industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global synthetic fibers market share.
• The current market is quantitatively analyzed to highlight the global synthetic fibers market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global synthetic fibers market research report:

• Which are the leading market players active in the global synthetic fibers market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

  Synthetic Fibers Market Report Highlights

Aspects	Details
By Type	Polyester Acrylic Nylon Others (Polyolefin, Rayon, Modacrylic, and Olefin)
By Application	Home Furnishing Clothing Automotive Others (Industrial Use and Filtration)
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Key Market Players	China Petroleum Corporation (Sinopec Corp.), Barnet GmbH & Co. KG, Lenzing AG, Reliance Industries Limited, RadiciGroup, Bombay Dyeing, Eastman Chemical Company, Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Dupont